Shares of digital payments company MobiKwik rose 82% to ₹507.5 ($6) on its first day of trading as the Indian fintech company hit the market amid fierce competition from larger rivals.

The listing increased MobiKwik's market value to $464 million. The first target is 250 million dollars for IPO. This is well below valuation $924 million commanded by startup during a private fundraiser in 2021.

Founded 15 years ago by husband-wife duo Upasana Taku and Bipin Singh, the Gurugram-based company has built one of India's most popular digital wallet platforms. However, it has faced difficulties in maintaining its market position after the widespread adoption of UPI, the government-backed payment system. It raised over $268 million in funding from investors like Peak XV and ADIA before its $69 million IPO.

MobiKwik currently has a user base of 161 million and serves 4.26 million merchant partners.

It is the latest Indian startup to go public in a red-hot IPO market. There are more than 20 Indian startups plans to go public next yearTechCrunch previously reported.